Canadian investment firm Cypherpunk Holdings has sold 100% of bitcoin to Ethereum holdings

  • The publicly listed investment company Cypherpunk Holdings sold all its bitcoins and Ethereum holdings and transferred its treasury in cash.
  • The company sold 205 ethers and 214.7 bitcoins to raise $ 5 million in sales and market volatility.
  • Robert Kiyosaki, author of “Rich Dad, Poor Dad,” told his followers that he was waiting for Bitcoin to test $ 1,100 to accumulate more.

The price of bitcoin fell to $ 20,200 in the recent bloodbath, sparking a wave of sales from institutions and investment firms. Cypherpunk Holdings, a publicly registered investment firm, sold 100% of its bitcoins and Ethereum for cash.

The investment firm sells Bitcoin and Ethereum in a bloodbath

The fall in the price of bitcoin to the level of 20,200 dollars caused a mass sale by institutional investors and investment companies. James Hume, head of sales at Huobi Global, told Cointelegraph that some institutional investors are cool on the cryptocurrency, while many with billions of dollars of capital are currently exploring the space.

At the European Blockchain Convention, Hume told interviewers that the Huobi cryptocurrency exchange has seen a jump in interest from institutional investors. About 20-30 companies with more than $ 1 billion could start trading cryptocurrency in 2022. While Hume has lofty prospects for growing institutional involvement in crypto, Canadian-based investment firm Cypherpunk Holdings has sold 100% of bitcoin and Ethereum holdings.

The company sold 205.8 ether for $ 227,000 and 214.7 bitcoin for $ 4.7 million. Cypherpunk amassed a total of $ 5 million in revenue from the sale of the two digital assets and maintained cash and stable coins.

Jeff Gao, president and CEO of Cypherpunk, said the company’s decision to land Bitcoin and Ethereum was a result of growing market volatility. Both Bitcoin and Ethereum have lost more than half of their value in the last year. Cypherpunk’s publicly listed shares have fallen 50% since the beginning of 2022 on the Canadian Stock Exchange.

Gao said

We believe that the most sensible approach is to sit on the sidelines while waiting for the contagion of volatility and illiquidity to come to a logical end. In the balance of probabilities we see a lower price action, which opens the way to lower levels, as there are increasing reports of the number of chains requiring a “temporary” suspension of withdrawals.

The company revealed a long-term upward prospect for crypto and said that Cypherpunk seeks to take advantage of future crypto investment opportunities when and when they are introduced.

Robert Kiyosaki expects the price of bitcoin to fall to $ 1,100

Well-known author of “Rich Dad, Poor Dad” Robert Kiyosaki expects the price of bitcoin to fall to $ 1,100 before accumulating more than the asset. Kiyosaki told his followers on Twitter on June 27, 2022 that he would take more bitcoin and add it to his reserve once it reached that price level.

Kiyosaki’s new bitcoin prospect has been criticized by crypto Twitter, but he explained

the losers give up when they lose, but the winners learn from their losses. Bitcoin losers give up. If [Bitcoin price fails to hit $1,100] no, I will wait for the losers to “capitulate” to give up and then buy more.

FXStreet analysts have evaluated the chart of bitcoin prices and recommended investors to be more careful with the price of the asset. For more information, watch this video:

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